Naira, dollar, CBN, Exchange rate falls across forex markets despite improved dollar supply
Thursday, 16th December 2021: The exchange rate between the naira and the US dollar closed at N415.05/$1 at the official Investors and Exporters (I&E) window.
Naira depreciated against the US dollar on Thursday to close at N415.05/$1. This represents a 0.2% drop when compared to the N414.25 that was recorded in the previous trading sessions as the pressure on the country’s external reserves continued with a decline of $24 million.
Also, the naira depreciated marginally against the US dollar on Thursday as it closed at N572.5/$1. This represents a 50 kobo drop when compared to the N572/$1 that was recorded in the previous trading session.
The local currency fell at the official market despite 86.4% improvement in dollar supply during Thursday’s trading session.
Trading at the official NAFEX window
The exchange rate at the Investors and Exporters window depreciated to close at N415.05/$1 on Thursday, representing an 80 Kobo drop when compared to the N414.25/$1 that was recorded at the last trading session.
The opening indicative rate depreciated to close at N414.13/$1 on Thursday, December 16, which represents a 26 kobo drop when compared to the N413.87/$1 that was recorded in the previous trading session.
An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N415.05/$1, while it sold for as low as N405/$1 during intra-day trading.
Forex turnover at the official window rose by 86.4% to trade at $331.11 million on Thursday.
According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased from $177.60 million on Wednesday 15th December 2021, to $331.11 million on Thursday 16th December 2021.